ON May 1, 2013, TV INC. consigned 80 TVs to Ed\'s TV. The TVs cost $360. Freight
ID: 2388374 • Letter: O
Question
ON May 1, 2013, TV INC. consigned 80 TVs to Ed's TV. The TVs cost $360. Freight on the shipment paid by Ed's TV was $800. On July 10, TV INC. received an account sales and $17,200 from Eds TV. Thirty TVs had been sold and the following expenses were deductedfreight 800
commission (20% of sales price) ?
advertizing $520
delivery $280
The inventory of TVs will be reported on which balance sheet and at what amount?
balance sheet of amount of money
a. TV Inc 18,500
b. TV Inc 18,000
c. Eds TV 18,500
d. Eds TV 18,000
must show work
Explanation / Answer
ON May 1, 2013, TV INC. consigned 80 TVs to Ed's TV. The TVs cost $360. Freight on the shipment paid by Ed's TV was $800. On July 10, TV INC. received an account sales and $17,200 from Eds TV. Thirty TVs had been sold and the following expenses were deducted
freight 800
commission (20% of sales price) ?
advertizing $520
delivery $280
The inventory of TVs will be reported on which balance sheet and at what amount?
balance sheet of amount of money
a. TV Inc 18,500
(360 x 50 )+ (800 /80) x50=18500
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